Mohegan Sun buys out Korean partner

Mohegan Gaming and Entertainment will buy out its local partner in its South Korean casino project in Incheon.

South Korea.- US casino operator Mohegan Gaming and Entertainment has reached an agreement to buy out its local partner in a South Korean casino project. The decision was reported by the Mohegan Sun in a press release from the firm, which informed its fiscal second-quarter earnings.

Inspire, the name of the scheme to develop the venue, was integrated by the Mohegan and South Korean chemicals manufacturer KCC Corp, which was a consortium partner until the buyout. The company had a 24.5 per cent stake since it acquired it in November 2015 but will no longer be involved in the project.

“During the quarter, we reached an amicable agreement to purchase our South Korean partner’s stake in Project Inspire, thereby bringing Mohegan Gaming and Entertainment’s ownership in the project to 100 percent and furthering our diversification efforts in Asia, the world’s fastest-growing major gaming and entertainment market,” Mohegan Sun CEO Mario Kontomerkos said.

South Korea’s government seeks to bring in foreign investment and tourists, creating a business environment to attract more than 25 trillion won in investment to build the tourism industry and corporate competitiveness. The government also plans to increase the number of casinos in the nation from the existing 17 facilities to over 20 by early 2020. Most of these casinos are smaller than those in Macau and Las Vegas, the world’s biggest casino hubs.